The Bua Cement Plc has reduced the price of cement to N3500 per bag from the current N4900 and N5000.
The cement company made the announcement of the price reduction in a statement on Sunday.
The decision was a follow up to the a meeting the Chairman of BUA Group, Abdul-Samad Rabiu, and President Bola Tinubu on September 15.
Mr Abdul-Samad Rabiu, had promised to ensure a review of the cement price in the first quarter of 2024.
The company also promised a further review of the cement prices on competition of its new factory which intended to increase total production to 17million metric tonnes per annum
The statement reads, “We refer to our previous pronouncements regarding our intent to reduce cement prices upon the completion of our new lines at the end of the year, in order to spur development in the building materials and infrastructure sectors.
“As per the commitment made to reduce prices and following a periodic review of our operations for efficiency, the management of BUA Cement Plc wishes to announce and inform our esteemed customers, stakeholders, and the public that effective October 2, 2023, we have decided to bring the price reduction forward.
“As a result, BUA Cement would now be sold at an ex-factory price of 3,500 Naira per bag so that Nigerians can begin to enjoy the benefits of the price reduction before the completion of our plants.
“Upon completion of the ongoing construction of our new plants, which would increase our production volumes to 17million metric tonnes per annum, BUA Cement PLC intends to review these prices further in line with our earlier pronouncements by the first quarter of 2024.
“NOTE: all pending, undelivered orders which had been paid for at the old prices will be reviewed downwards to N3500/bag in line with the new pricing from October 2, 2023. Our licensed dealers are also enjoined to ensure that end-users benefit from this reduction in ex-factory prices as we will monitor field sales to ensure compliance.”
